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Oil Prices Slump Nearly
6% as Brent Crude Reaches $ 23.48
a Barrel
30 March 2020
Benchmark
crude oil prices declined severely in Monday’s session touching the
lowest levels in 18 years. Brent crude plunged to the lowest level since
November 2002 with increased fears from shrinking demand due to the
outbreak of coronavirus and the threat of the price war between Saudi
and Russia to dump the markets with excess supplies.
By 0623 GMT,
Brent crude Futures fell by $ 1.45 (5.8%) to $ 23.48 per barrel
following a precedent fall to $ 23.03 per barrel in the same session,
which is considered the lowest level since November 2002.
Similarly, US
WTX intermediate futures declined to $ 19.92 a barrel approaching the
lowest levels in 18 years, a record reached earlier this month. It fell
in the latest trading by 3.8% ($0.82) to reach $ 20.69 a barrel.
Oil markets
are harshly impacted by a shrinking demand caused by the pandemic as
well as the prices war between Saudi and Russia dumping the markets with
excess supplies.
A Saudi
Ministry of Power official said on Friday that the kingdom is not
holding any talks with Russia to balance the oil market, despite the
increased pressure from Washington to stop the chaos resulted in prices
fall of more than 60% this year.